What do you mean by 'brand new thing'? Looks like just another broker. The +44 is the UK international dialing code. The only sus thing I can see is that it doesnt state obviously (that I can find) who they're regulated by.

I would not waste any time in searching into a broker who does not clearly state his address and the regulatory body where he is registered on his website. So, forget ufxbank.com.

Click to expand...

Well, I did some research anyway .... their headquarters is in Nicosia, Cyprus and there is an address in London, too. The registration with NFA and FSA is "under way". Clients´accounts are backed bei Deutsche Bank, Germany. Sounds not too bad, but this infos are based on a chat with one of their sales representatives only. They are marketing quite vigorously, tried to talk me into opening a live account immediately by offering a 1000 $ bonus if I would sign up till today evening... so I´ll watch UBX for some time before taking any decision about going live with them.

1- They push you to open an account with the maximum amount they can persuade you to deposit (Bonuses, different degree of services depending on the amount you deposit...)

2- Once you start with them they start pushing again on you to deposit more to get better services as SMS alerts [where they only mention winning trades and pass under silence losses], personal account manager [that they say serves thousands of traders when you are in trouble and you ask for his assistance, else he is always around to advise you upgrading your account], VIP lounge [you should double your deposit or more to get in of course], better spreads...)

4- Their default position size is 150K for a standard account. The default can not be changed to another value. So when you want to open a position, if you 'forget' to change it to a proper size (much smaller if you do not have a 100K account), you risk to have very quickly severe draw downs if not account zeroed. Seems to me this is what they are searching from newbies traders who have some 10Ks bucks to spend away.

In conclusion, they look as being something like a prefect SCAM. If you do not want to lose your hard earned money, go searching for a more honest and transparent broker who offers minimal needed functionality, do not trade against you and is not after getting your money into his pocket.

Economic Calendar, Money Transfers, Traders Tools

Trading FX or CFDs on leverage is high risk and your losses could exceed deposits.

ForexPeaceArmy.com has advertising and affiliate relationships with some of the companies mentioned on this site and may be compensated if readers follow links and sign up. We are committed to the fair handling of reviews and posts regardless of such relations.